The Central Bank of Nigeria is reportedly planning to lay off around 1,000 employees as part of a strategic workforce restructuring effort. An allocation of over N50 billion has been designated for severance packages associated with this initiative. This move, spearheaded by Governor Olayemi Cardoso, aims to streamline operations and reduce the workforce.
Recently, the bank opened applications for an Early Exit Package (EPP) for all staff categories, with the deadline set for Saturday, December 7. However, newly hired employees and those currently on probation are not eligible for this package.
In the past ten months, the CBN has let go of numerous employees, including 17 directors who were part of the previous administration under Godwin Emefiele. These positions remain unfilled, contributing to a tense work environment. One anonymous employee described the atmosphere as “terrible,” highlighting the prevailing anxiety among staff.
One employee revealed that after four years of service, they were offered between N92 million and N97 million as part of the EPP. Additionally, during a recent webinar, the Human Resource Department emphasized its commitment to achieving the target number for the EPP, which has heightened feelings of unease among employees.
The Human Resources Policies and Procedures Manual (HRPPM) of the CBN specifies the criteria for normal retirement, early retirement, and redundancy. Normal retirement occurs at 60 years of age or after 35 years of service, while early retirement may be granted after 10 years of service at the discretion of management. Redundancy, which refers to an involuntary and permanent job loss due to surplus staffing, requires consultations with the Joint Consultative Council and adherence to due process.
